60 Day Notice

Federal Register / Vol. 86, No. 28 / Friday, February 12, 2021 / Notices
SECURITIES AND EXCHANGE
COMMISSION
[SEC File No. 270–636, OMB Control No.
3235–0679]

Submission for OMB Review;
Comment Request
Upon Written Request, Copies Available
From: Securities and Exchange
Commission, Office of FOIA Services,
100 F Street NE, Washington, DC
20549–2736
Extension:
Form PF

Notice is hereby given that, pursuant
to the Paperwork Reduction Act of 1995
(44 U.S.C. 3501 et seq.) (‘‘Paperwork
Reduction Act’’), the Securities and
Exchange Commission (the
‘‘Commission’’) has submitted to the
Office of Management and Budget
(‘‘OMB’’) a request for extension of the
previously approved collection of
information discussed below.
Rule 204(b)–1 (17 CFR 275.204(b)–1)
under the Investment Advisers Act of
1940 (15 U.S.C. 80b–1 et seq.)
implements sections 404 and 406 of the
Dodd-Frank Wall Street Reform and
Consumer Protection Act (the ‘‘DoddFrank Act’’) by requiring private fund
advisers that have at least $150 million
in private fund assets under
management to report certain
information regarding the private funds
they advise on Form PF. These advisers
are the respondents to the collection of
information.
Form PF is designed to facilitate the
Financial Stability Oversight Council’s
(‘‘FSOC’’) monitoring of systemic risk in
the private fund industry and to assist
FSOC in determining whether and how
to deploy its regulatory tools with
respect to nonbank financial companies.
The Commission and the Commodity
Futures Trading Commission may also
use information collected on Form PF in
their regulatory programs, including
examinations, investigations and
investor protection efforts relating to
private fund advisers.
Form PF divides respondents into two
broad groups, Large Private Fund
Advisers and smaller private fund
advisers. ‘‘Large Private Fund Advisers’’
are advisers with at least $1.5 billion in
assets under management attributable to
hedge funds (‘‘large hedge fund
advisers’’), advisers that manage
‘‘liquidity funds’’ and have at least $1
billion in combined assets under
management attributable to liquidity
funds and registered money market
funds (‘‘large liquidity fund advisers’’),
and advisers with at least $2 billion in
assets under management attributable to

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private equity funds (‘‘large private
equity advisers’’). All other respondents
are considered smaller private fund
advisers.
The Commission estimates that most
filers of Form PF have already made
their first filing, and so the burden
hours applicable to those filers will
reflect only ongoing burdens, and not
start-up burdens. Accordingly, the
Commission estimates the total annual
reporting and recordkeeping burden of
the collection of information for each
respondent is as follows:
(a) For smaller private fund advisers
making their first Form PF filing, an
estimated amortized average annual burden
of 23 hours for each of the first three years;
(b) for smaller private fund advisers that
already make Form PF filings, an estimated
amortized average annual burden of 15 hours
for each of the next three years;
(c) for large hedge fund advisers making
their first Form PF filing, an estimated
amortized average annual burden of 658
hours for each of the first three years;
(d) for large hedge fund advisers that
already make Form PF filings, an estimated
amortized average annual burden of 600
hours for each of the next three years;
(e) for large liquidity fund advisers making
their first Form PF filing, an estimated
amortized average annual burden of 588
hours for each of the first three years;
(f) for large liquidity fund advisers that
already make Form PF filings, an estimated
amortized average annual burden of 280
hours for each of the next three years;
(g) for large private equity advisers making
their first Form PF filing, an estimated
amortized average annual burden of 133
hours for each of the first three years; and
(h) for large private equity advisers that
already make Form PF filings, an estimated
amortized average annual burden of 100
hours for each of the next three years.

With respect to annual internal costs,
the Commission estimates the collection
of information will result in 127.06
burden hours per year on average for
each respondent. With respect to
external cost burdens, the Commission
estimates a range from $0 to $50,000 per
adviser.
Estimates of average burden hours
and costs are made solely for the
purposes of the Paperwork Reduction
Act and are not derived from a
comprehensive or even representative
survey or study of the costs of
Commission rules and forms.
Compliance with the collection of
information requirements of Form PF is
mandatory for advisers that satisfy the
criteria described in Instruction 1 to the
Form. Responses to the collection of
information will be kept confidential to
the extent permitted by law. The
Commission does not intend to make
public information reported on Form PF
that is identifiable to any particular

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adviser or private fund, although the
Commission may use Form PF
information in an enforcement action.
An agency may not conduct or sponsor,
and a person is not required to respond
to, a collection of information unless it
displays a currently valid OMB control
number.
The public may view the background
documentation for this information
collection at the following website,
www.reginfo.gov. Comments should be
directed to: (i) Desk Officer for the
Securities and Exchange Commission,
Office of Information and Regulatory
Affairs, Office of Management and
Budget, Room 10102, New Executive
Office Building, Washington, DC 20503,
or by sending an email to:
[email protected]; and (ii)
David Bottom, Director/Chief
Information Officer, Securities and
Exchange Commission, c/o Cynthia
Roscoe, 100 F Street NE, Washington,
DC 20549 or send an email to: PRA_
[email protected]. Written comments
and recommendations for the proposed
information collection should be sent
within 30 days of publication of this
notice to www.reginfo.gov/public/do/
PRAMain. Find this particular
information collection by selecting
‘‘Currently under 30-day Review—Open
for Public Comments’’ or by using the
search function.
Dated: February 9, 2021.
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2021–02962 Filed 2–11–21; 8:45 am]
BILLING CODE 8011–01–P

SECURITIES AND EXCHANGE
COMMISSION
[SEC File No. 270–613, OMB Control No.
3235–0712]

Proposed Collection; Comment
Request
Upon Written Request Copies Available
From: Securities and Exchange
Commission, Office of FOIA Services,
100 F Street NE, Washington, DC
20549–2736
Extension:
Credit Risk Retention—Regulation RR

Notice is hereby given that, pursuant
to the Paperwork Reduction Act of 1995
(44 U.S.C. 3501 et seq.), the Securities
and Exchange Commission
(‘‘Commission’’) is soliciting comments
on the collection of information
summarized below. The Commission
plans to submit this existing collection
of information to the Office of
Management and Budget for extension
and approval.

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9416

Federal Register / Vol. 86, No. 28 / Friday, February 12, 2021 / Notices

Credit Risk Retention (‘‘Regulation
RR’’) (17 CFR 246.1 through 246.22)
recordkeeping and disclosure
requirements implement Section 15G of
the Securities Exchange Act of 1934 (15
U.S.C. 78o–11) Section 15G clarifies the
scope and application of Section 306(a)
of the Sarbanes-Oxley Act of 2002 (15
U.S.C. 7244(a)). Section 306(a) of the
Sarbanes-Oxley Act requires, among
other things, an issuer to provide timely
notice to its directors and executive
officers and to the Commission of the
imposition of a blackout period that
would trigger a trading prohibition
under Section 306(a)(1) of the SarbanesOxley Act. Section 306(a)(1) prohibits
any director or executive officer of an
issuer of any equity security, from
directly or indirectly, purchasing,
selling or otherwise acquiring or
transferring any equity security of that
issuer during the blackout period with
respect to such equity security, if the
director or executive officer acquired
the equity security in connection with
his or her service or employment.
Approximately 1,647 issuers file using
Regulation RR responses and it takes
approximately 14.389 hours per
response. We estimate that 75% of the
14.389 hours per response (10.792
hours) is prepared by the registrant for
a total annual reporting burden of
17,774 hours (10.792 hours per response
× 1,647 responses).
Written comments are invited on: (a)
Whether this proposed collection of
information is necessary for the proper
performance of the functions of the
agency, including whether the
information will have practical utility;
(b) the accuracy of the agency’s estimate
of the burden imposed by the collection
of information; (c) ways to enhance the
quality, utility, and clarity of the
information collected; and (d) ways to
minimize the burden of the collection of
information on respondents, including
through the use of automated collection
techniques or other forms of information
technology. Consideration will be given
to comments and suggestions submitted
in writing within 60 days of this
publication.
An agency may not conduct or
sponsor, and a person is not required to
respond to, a collection of information
unless it displays a currently valid
control number.

1 15
2 17

U.S.C. 78s(b)(1).
CFR 240.19b–4.

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17:27 Feb 11, 2021

Please direct your written comment to
David Bottom, Director/Chief
Information Officer, Securities and
Exchange Commission, c/o Cynthia
Roscoe, 100 F Street NE, Washington,
DC 20549 or send an email to: PRA_
[email protected].
Dated: February 8, 2021.
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2021–02861 Filed 2–11–21; 8:45 am]
BILLING CODE 8011–01–P

SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–91076; File No. SR–ICEEU–
2021–001]

Self-Regulatory Organizations; ICE
Clear Europe Limited; Notice of Filing
and Immediate Effectiveness of
Proposed Rule Change Relating to
Amendments to Clearing Fees for ICE
Futures Europe Three Month Swiss
Average Rate Overnight (SARON®)
Index Futures Contract
February 8, 2021.

Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934
(‘‘Act’’),1 and Rule 19b–4 thereunder,2
notice is hereby given that on February
1, 2021, ICE Clear Europe Limited (‘‘ICE
Clear Europe’’) filed with the Securities
and Exchange Commission
(‘‘Commission’’) the proposed rule
changes described in Items I, II and III
below, which Items have been primarily
prepared by ICE Clear Europe. ICE Clear
Europe filed the proposed rule change
pursuant to Section 19(b)(3)(A) of the
Act 3 and Rule 19b–4(f)(2) thereunder,4
so that the proposal was immediately
effective upon filing with the
Commission. The Commission is
publishing this notice to solicit
comments on the proposed rule change
from interested persons.
I. Clearing Agency’s Statement of the
Terms of Substance of the Proposed
Rule Change
ICE Clear Europe Limited (‘‘ICE Clear
Europe’’) proposes rule changes relating
to amendments to clearing fees for ICE
Futures Europe Three Month Swiss
Average Rate Overnight (SARON®)
Index futures contract (‘‘Three Month
SARON’’). The proposed amendments

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U.S.C. 78s(b)(3)(a).
CFR 240.19b–4(f)(2).

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do not involve any changes to the ICE
Clear Europe Clearing Rules or
Procedures.5
II. Clearing Agency’s Statement of the
Purpose of, and Statutory Basis for, the
Proposed Rule Change
In its filing with the Commission, ICE
Clear Europe included statements
concerning the purpose of and basis for
the proposed rule change. The text of
these statements may be examined at
the places specified in Item IV below.
ICE Clear Europe has prepared
summaries, set forth in sections (A), (B),
and (C) below, of the most significant
aspects of such statements.
(A) Clearing Agency’s Statement of the
Purpose of, and Statutory Basis for, the
Proposed Rule Change
(a) Purpose
The purpose of the proposed rule
changes is for ICE Clear Europe to
reduce the clearing fees for Three Month
SARON in line with the changes to the
notional size of the contract, which the
Exchange is proposing to decrease in
size by a factor of four. (Equivalent
reductions in the trading fee are being
proposed by the Exchange.)
As there is no current Open Interest
in the Three Month SARON contract,
the proposed change to the notional size
of the contract is being made to help
simplify the transition of Open Interest
from the existing ICE Futures Europe
Three Month Euroswiss futures contract
(‘‘Three Month Euroswiss’’), which
references Three Month Swiss Franc
LIBOR, to the Three Month SARON
contract which references the Swiss
Average Overnight Rate. Currently,
Three Month SARON is four times
larger in notional size than Three Month
Euroswiss so this proposed change will
enable the transition of Open Interest on
a one to one futures contract basis. As
the contract size of the Three Month
SARON contract is reducing by a factor
of 4, so the trading and clearing fees will
reduce by the same amount. Attached
[sic] as Exhibit 5 is an attachment
containing tables listing the new fee
schedules and a Circular in advance of
the proposed effective date. The new
fees are intended to come into effect on
01 March 2021 subject to regulatory
approval. The proposed revisions to the
fees are described in detail as follows.

5 Capitalized terms used but not defined herein
have the meanings specified in the ICE Clear
Europe Clearing Rules.

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